I used to think that just throwing tokens into a pool as an LP was fine, since the fees would gradually accumulate; now I realize more and more that the curve of the AMM is essentially a "rule" written to automatically handle market buy-ins/sell-offs. When prices fluctuate significantly, your asset ratio passively deforms—impermanent loss is not mysticism, it's mathematics. Especially when new L1/L2 projects launch incentives to boost TVL, creating a herd mentality of rushing into pools and ultimately "mining, selling," the fees simply can't offset the volatility, so it's normal for old users to complain. Anyway, before I provide liquidity now, I first consider: can I withstand the volatility if the market moves in the right direction, am I earning fees or subsidizing, and am I willing to take back a bunch of "the one that didn't rise much" when I exit. No passive income, at best it's just a different way of taking on risk.